The EURUSD’s rally is extending, with the pair pushing to a fresh session high at 1.1860, up 0.84% on the day. Importantly, the move carried the price above the prior yearly high from July 1 at 1.1829, marking the highest level since September 2021 and reinforcing the strength of the current bullish trend.
Looking ahead, the next key upside objective comes into focus at the double swing highs from August 2021 near 1.1909. While still roughly 50 pips away, that level represents a logical target for buyers given its historical importance and clustering of resistance.
On the downside, 1.1829 now serves as the immediate support/risk level—a line in the sand that buyers will want to defend to keep momentum intact. A more conservative risk marker sits lower at the July 24 high of 1.1788.
Should the pair fall back below that area after today’s breakout, it would likely spark buyer disappointment and encourage profit-taking or fresh selling pressure.
Meanwhile, the
- USDJPY is trading to a new low down -0.67%
- USDCHF remains the worst performer at down -0.99%. It is trading to the lowest level for the year now below 0.78714. That takes the price to the lowest level since 2011
- AUDUSD is trading to new highs and tests trend line and swing highs going back to 2024 (see chart below) near 0.6687. The high just reached 0.6684 and 0.6694.
This article was written by Greg Michalowski at investinglive.com.